Financial news • 28 May 2019 19:45
On May 23, Icade signed a 12-year lease with no break option with Solimut Mutuelle de France for 4,547 sq.m in the “Castel Office” office building, located at Quai de la Joliette in Marseille (2nd arrondissement), in the Euroméditerranée district.
With this transaction, which occurred after entering into a 9-year lease with Deloitte on April 24 for 1,413 sq.m, the building is now entirely leased, several weeks before its scheduled completion in early July. Both leases will start on July 1, 2019.The signing of this lease has allowed Icade to pre-let all of the building’s office space, demonstrating its ability to create value through its development pipeline.As of December 31, 2018, the development pipeline totalled €2.5 billion in projected investments. Value creation is expected to represent €0.7 billion, of which 60% remains to be captured in the NAV.
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Marylou Ravix
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